The UK housing market is still in dire straits. New figures released by Nationwide, the UK’s second largest mortgage lender, showed that house prices fell by 2.5% in May which is the largest monthly decline since the building society started monitoring the market in 1991.

Yesterday however was a great day for sterling as it surged higher against most crosses predominantly the single currency, hitting a 3 week high versus the euro.

Dollar also enjoyed some data in its favour as durable goods orders were not as bad as previously feared and declines on the crude oil markets were seen as
OPEC commented on the recent situation; they believe as an organisation that prices should be around $70 – $80 per barrel.

Today sees the US GDP preliminary figure released with an uptick expected as the effects of this year’s earlier rate cuts start to filter through.
Today’s Data
UK: 07.00 Nationwide House Prices
Expected: -0.5%
Previous: -1.1%
Actual: -2.5%
EU: 09.00 Bloomberg Retail PMI
Expected: na
Previous: 41.8
US: 13.30 GDP QoQ
Expected: 0.9%
Previous: 0.6%
US: 13.30 Initial Jobless Claims
Expected: 370k
Previous: 365k

Indicative Rates
Sell Buy
GBPEUR 1.2630 1.2658
GBPUSD 1.9704 1.9730
EURUSD 1.5579 1.5602
GBPJPY 206.05 208.10
GBPAUD 2.0577 2.0629
GBPNZD 2.5100 2.5174
GBPCAD 1.9518 1.9566
GBPZAR 15.10 15.16
USDZAR 7.66 7.69
GBPPLN 4.2530 4.2790
Rates are dependent on amount transacted
Please call 0207 801 9080 for a live rate quote
Email: (jeremy.cook@worldfirst.com) Please feel free to contact me at anytime regarding these briefings, if you have any questions or thoughts on them, or if you are interested in a particular event in the calendar.Please call us on 0800 783 6022 / +44 20 7801 9080 if you would like to discuss the markets or fix a rate.

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The above comments are only our views and should not be construed as advice. You should act using your own information and judgement. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the authors own judgement as of the date of the briefing and are subject to change without notice.

Any rates given are interbank and therefore for amounts of £5million and so are not indicative of rates offered by World First for smaller amounts.